The post Coinbase Executive Discovers 430 BTC in Dozens of Ross Ulbricht’s Dormant Wallets, Valued at $47M appeared first on Coinpedia Fintech News
President Trump has kept one of his reelection promises by pardoning Ross Ulbricht, the founder of Silk Road and a key figure in the early days of Bitcoin, who has been in prison for 12 years. In a recent tweet, a Coinbase executive claimed that he discovered Bitcoin linked to Ross, valued at nearly $47 million, which has been untouched for more than 13 years.
430 Bitcoins Excluded from Government Seizure
Conor Grogan, Coinbase’s Director of Product Strategy and Business Operations, recently announced that he discovered around 430 bitcoins in several wallets linked to Ross Ulbricht, the founder of Silk Road.
This discovery comes after Ulbricht received a full pardon from President Donald Trump. Grogan highlighted that these bitcoins, valued at approximately $47 million today, were not part of the 174,000 BTC seized by U.S. authorities. This seizure occurred from Silk Road-affiliated wallets after the platform was shut down in 2013. These bitcoins have remained untouched for over 13 years.
In his post on X, Grogan shared a screenshot of what he believes is one of Ulbricht’s Bitcoin addresses, which currently holds 88.7 BTC, as verified by the blockchain explorer Mempool.
Conor said, “Back then these were probably dust wallets, now, collectively, they are worth about $47M. Welcome back Ross.”
He noted that these funds were likely considered insignificant at the time but now represent a significant value. Grogan also mentioned the possibility that Ulbricht might still have access to the private keys, suggesting that time would tell if they can be recovered.
Despite his criminal activities, Mr. Ulbricht remains popular among crypto enthusiasts because Silk Road was an early platform for Bitcoin transactions. His supporters believe his sentence was too harsh and have promoted the “Free Ross” slogan at industry events and online.
Why did Trump Pardon Ross Ulbricht?
President Trump’s pardon of Ross Williams Ulbricht follows through on his campaign pledges to confront what he calls a “weaponized government.” In a post on Truth Social announcing the pardon, Trump labeled Ulbricht’s conviction as a result of political corruption and openly criticized the prosecutors.
Also read: Breaking News: Donald Trump Pardons Silk Road Founder Ross Ulbricht
Ulbricht is celebrated as a cult hero among crypto enthusiasts, who see Silk Road as an early adopter of Bitcoin. The “Free Ross” slogan has been a popular rallying cry at blockchain events and in online forums for years. The crypto community, having reportedly donated over $100 million to Trump’s reelection campaign, played a significant role in Ulbricht’s release.
However, critics are concerned that pardoning Ross Ulbricht could lead to more lenient treatment for similar crimes in the future. They point out the serious harm from drugs traded on Silk Road, arguing that it sends the wrong message about holding people accountable for profiting from illegal activities.
